Aluminum drops to 4-month low amid Gulf recovery

Aluminum prices have dropped to their lowest level in more than four months, reaching $3,053 per ton on the London Metal Exchange, amid declining demand and improved supplies following the easing of tensions between the United States and Iran. This has resulted in aluminum losing about 20% of its value over the past month. Meanwhile, futures on the Shanghai Exchange fell to 22,400 yuan per ton, as supply fears diminished and trading outlooks in the region improved. The UAE announced that it is recovering its production at the Tawdiah complex faster than expected, while Norsk Hydro is partially resuming its production in Slovakia, amid concerns over demand slowdown and market volatility.

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